The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.

The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.

Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.

September 2020's monthly index of economic activity, Imacec

According to preliminary information, last September the Imacec dropped 5.3% over the same month a year before. The seasonally-adjusted series rose 5.1% with respect to the previous month and dropped 6.5% in twelve months. September 2020 came with three working days more than September 2019.

The mining Imacec lost 1.9%, while the non-mining index lost 5.7%. The result of the month reflected the impact of the effects of the sanitary emergency. In this context, the most affected activities were construction and services of education, transportation, and restaurants and hotels. Partial compensation came from growth in retail, manufacturing and, to a lesser extent, entrepreneurial services. In de-seasonalized terms, and compared with the previous month, the mining Imacec dropped 1.5% and the non-mining Imacec rose 5.9%.

Considering the challenges that the sanitary crisis has imposed on the collection of basic data, the Central Bank of Chile has made extra efforts with its providers of information to minimize the impact on the quality of statistics. However, it is important to mention that the numbers being hereby delivered could be subject to more revisions than historic ones, which will be disclosed in accordance with the calendar of National Accounts publications and revisions available on the Bank’s website www.bcentral.cl.

As per said calendar, preliminary third-quarter GDP results, together with revisions to first- and second- quarter 2020 figures will be published next Wednesday 18 November.